Cryptocurrency exchange Coinbase has opened direct cryptocurrency-to-cryptocurrency trading markets for its retail customers, according to a Dec. 17 report by Coindesk.
Coinbase product manager Anna Marie Clifton said that the feature — previously only available to professional traders — would now allow retail customers to begin trading bitcoin pairs at the Coinbase website, as well as through the “Coinbase Convert” app that is available for both Android and iOS.
She said that the trading pairs were developed based on user feedback, and made the point that while crypto-to-crypto trading pairs were common in the cryptocurrency trading space, existing product offerings were not serving the retail audience well.
One example she provided was when many customers would purchase bitcoin, but then immediately need to convert it into other currencies so they could engage with decentralized applications, adding that:
“I think one of the things that was most surprising was seeing a lot of customers frustrated because they wanted to use the product immediately [but] it required two trading fees,”
Coinbase Convert is launching with support for bitcoin trading pairs for ethereum, ethereum classic, bitcoin cash, litecoin and Ox, and more pairs likely to be added based on customer demand.